Hudson’s Bay garnered 17 bids in process to find new owner for retailer, assets: docs

TORONTO — A new court filing shows that the process of finding a new owner for Hudson’s Bay and its assets has yielded 17 offers.

A report from the court monitor, which is guiding the long-time Canadian company through its creditors’ protection process, said the offers came after the monitor contacted 407 potential buyers.

Of the 407, 54 signed confidentiality agreements to access company data and decide whether to make a formal offer. However, fewer than half of those ultimately submitted a definitive offer.

The company and those responsible for selecting the winner are currently reviewing the offers and negotiating with the bidders, according to the court document.

British Columbia mall owner Weihong Liu and Toronto investment firm Urbana Corp. have already publicly announced their offers. Canadian Tire is also in the running, two sources familiar with the matter said, although the retailer has not yet confirmed its involvement.

Hudson’s Bay must obtain court approval for any settlement by May 30.

This report was first published by the Canadian Press on May 9, 2025.

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